Bulgaria Extends Term of Priority Investment Certificate For 28 Mln Euro Real Estate Project

Bulgaria Extends Term of Priority Investment Certificate For 28 Mln Euro Real Estate Project

Bulgaria's government said on Wednesday that it has extended the term of the priority investment project certificate for local A.Z.K. Properties' 54 million levs ($31.2 million/27.6 million euro) Plana Heights real estate project.The Plana Heights project envisages the construction of a residential complex south of the capital Sofia, comprising 150 houses, trade centre, kindergarten, medical centre, sports centre and other infrastructure, the government said in a statement following its weekly meeting.The complex will be built on land bought by the investor solely for the purpose of carrying out the investment project.The facilities in the complex are expected to create 100 jobs.Investors in priority investment projects benefit from shorter times for administrative services, financial aid for training of new employees, and partial reimbursement of expenses for social insurance of new employees.A.Z.K. Properties is a wholly-owned subsidiary of local Green Project Investments and Finance, which in turn is filly owned by private investor Avinoam Katrieli, according to commercial register data.

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